Ann: Update of Tamarama 1 Well Testing, page-11

Speculator I have used the terms resources and reserves rather loosely . I expect the independent resource company will be providing their version of the 10/11/2014 announcement of the 3C contingent resource for the Tamarama and Queenscliff wells. Reals internal estimate has this as over 1Tcf. From memory a broker reported in the area of 1.4 Tcf. Hopefully RLE has been conservative and the independent report will at least varify the internal estimate. The assessor will of course have the benefit of well, flow and pressure data.

Reserve assessments are expected in the medium term according to the latest presentation. Its anyones guess what medium term is but I would estimate 2-3 years.